Canadian Natural Resources Minister Joe Oliver said he’s optimistic President Barack Obama’s administration will now approve TransCanada's Keystone XL pipeline project now that the U.S. election is over.

According to Bloomberg Business News, Speaking to reporters in Ottawa, Oliver said Obama’s government will now be able to look at the project objectively. TransCanada re-applied in May for a U.S. permit for parts of the Keystone pipeline, which would transport crude from Alberta’s oil sands to the U.S., after a prior application was rejected by President Barack Obama on Jan. 18.

Obama approved the southern part of the pipeline, the only piece of the pipeline that did not require any approval. It's the northern piece of the pipeline that crosses the U.S. Canada border that requires presidential approval.

“I don’t know exactly why he postponed it but the point is right now we’re not in the middle of an election campaign and it will be decided by the administration on its merits,” Oliver said.

Canada will respect the U.S. regulatory process, and will continue to advocate for the pipeline, the minister said.

“We believe the Keystone XL pipeline will be approved by the Americans because it is clearly in the U.S. national interests in terms of national security, jobs, economic growth,” Oliver said.

We've already learned that what logic might suggest often has little connection with what materializes so we will refrain from speculating on Keystone's chances... Only time will tell.

jamtexFL...You are probably younger and not old enough to remember that the US did just that in the 70's. I think it was 74 when we had gas rationing - it was a nightmare! My folks (and half the country) sold all the big cars,(as I learned to drive in a Ford LTD Stationwagon-a boat!)We bought all smaller cars like the Toyotas. The speed limit went from 80 mph to (well cant remember - down alot). the USA dropped its oil consumption a huge amount. It worked, then after time the cars started getting bigger and bigger like the Suburbans and huge SUV's today. People plain and simple shouldnt drive gas hogs! I want the oil line built, not only we will be able to protect the oil line on US soil, but it will provide much NEEDED jobs for many many folks. Stupid that Obama didnt approve it in Jan, ALL about politics

Gee lets see .... so where's all this dirty oil going to go if there's a leak? We already know inferior materials/ methods have been used with the poor track record of leaks on part of this already. So where's the oil going to go .... Bottom line not here other than to be refined and exported... SO Build the DAMN pipeline Refine the oil and TAX the Shit out of every bit of it that's exported.

Contrary to what DeserTBoB posted, prices have not taken the biggest drop in history. They are still at record prices in some parts of the country, particularly in California where he supposedly resides. Prices are slowly ebbing away because they normally do this time of year until Christmas time, and then they go back up until next September.

There is no reason for Obama to approve Keystone XL because he cannot be reelected again. Romney had it exactly correct. It was Obama who continuously lied throughout his last 4 years. He is ideologically opposed to improving our oil supply here. He told the American people that "we cannot drill our way to lower prices" while at the same time he was begging Saudi Arabia to increase their oil production to bring about lower oil prices. He even indicted 7 oil companies drilling on private and state land in North Dakota for 28 bird deaths while ignoring the windmill companies that have killed over 400,000 birds. Is that just a double standard, or is it that Obama wanted to stop the drilling in North Dakota?

Don't expect Obama to do anything to help gasoline prices. He will continue to obstruct domestic production of oil and gasoline until he leaves office. Obama and his Energy Secretary Chu have both said they want prices at "European levels" ($8-10 per gallon) to "encourage conservation" and to make alternative energy more competitive. Expect a carbon tax from Obama and other higher gasoline taxes to get us to those super high prices that Europe has. So you Obama lovers will get what you voted for -- skyrocketing energy prices of all kinds, especially gasoline prices.

Will be approved just in a manner that is safer and better for the environment. Besides this is actually about gas to California who will ship it overseas to the highest bidder, those that think this is going to help lower prices in the US are woefully ignorant.Follow the money,as always.